Old bank notes now valid till 14-11-2016 for specified payments. Earlier, time limit of 72 hours ending 11-11-2016 was prescribed for using 500-1000 notes.
Ministry of Finance
Press Release
11-November, 2016
Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of cash to Bank branches and ATMs are being stepped up gradually.
While cancelling the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations w.e.f. the expiry of the 8th November, 2016, exemptions were allowed for certain transactions for the first 72 hours with a view to minimizing inconvenience to the public. Subsequently, based on feedback received from various quarters, certain more transactions were included for exemption.
The Government has been closely monitoring the implementation of the decision. Considering various representations received from different quarters in the matter, it has now been decided that the existing exemptions may be extended until the expiry of 14th November, 2016, with the following modifications / additions to the existing exemptions:
(i) Payment for court fees will be included in the exemptions.
(ii) The ID proof of customers will be required for transactions in consumer cooperative stores.
(iii) Payments towards utility bills will be restricted to only individuals / households for arrears and / or current bills. No advance payments will be allowed.
(iv) Payments in toll-plazas of the State and National Highways will be deleted from exemptions, considering that the Ministry of Road Transport and Highways is separately issuing instructions in this regard.
There is enough cash with RBI. Supply of cash to Bank branches and ATMs are being stepped up gradually.
*************
DSM
(Release ID :153548)
The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…
Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…
Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a…
Merely because assessee had declared sales for only one month, the same cannot be treated as bogus on the basis…
ITAT deleted addition as the method of accounting had been accepted by the department in earlier years and the entire…
Orders passed under Benami Act cannot be challenged under Insolvency and Bankruptcy Code, 2016 - SC In a recent judgment,…